chapter 14 q 1

Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 700,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares, In its seventh year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $5 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of limestone is s25 per ton. Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 700,000 shares of $1 par value common stock. It has issued only 50,000 of the common shares and none of the preferred shares, In its seventh year, the corporation has the following transactions: Mar. 1 Declares a cash dividend of $5 per share. Mar. 30 Pays the cash dividend. Jul. 10 Declares a property dividend of 1/2 ton of limestone per share when the price of limestone is s25 per ton